Mintus Property Group have acquired a Coles based Neighourhood Shopping Centre in West Gosford for $23m. The Centre has been held jointly by an ISPT property trust, which owns 75 per cent and Coles, who bought 25 per cent in 2012 for $28.5 million.
The Centre occupies a 17,600sqm site and has a gross lettable area of 9250 sqm with Coles, Liquorland and approx 25 specialty shops.
The Centre has a high vacancy with many retailers having closed their business over the past 2 years. The vendors, had hoped to embark on a redevelopment of the Centre which has clearly not eventuated.
Ben Stewart, director of retail and residential at Mintus, said “West Gosford represents a fantastic opportunity for Mintus to redevelop and reinvigorate the precinct to reflect current retail trends and position the asset for strong future growth"
The company, which was founded in 2014, has been rapidly acquiring a portfolio of malls and residential development projects.